$7,707 Closing Credit*
$649,000
3 Beds
•2 Full Baths
Samson C. Romano, Listing Office: Howard Hanna Rand Realty
Is 07506, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 07506 has remained a Buyer's Market.
Key Takeaway
07506 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 07506, NJ
How much do homes in 07506, NJ cost?
Median Sold Price
$545,000
$297/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$55,000(+11.2%)
Key Takeaway
Homes in 07506 have sold for 11.2% more than they did a year ago.
Summary: The median home sold price in 07506 was $545,000 in October 2024, up 11.2% from last year, and the median price per square foot was $297.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $312.5K | $322.5K | +3.2% |
| 2 Bedrooms | $457K | $480K | +5.0% |
| 3 Bedrooms | $474.2K | $535K | +12.8% |
| 4 Bedrooms | $545K | $617.5K | +13.3% |
| 5+ Bedrooms | $668K | $705K | +5.5% |
Summary: 07506 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 5.5%.
Housing Supply in 07506, NJ
How many homes are available in 07506, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 45 | 61 | +35.6% |
Summary: The 07506 real estate market had 61 homes for sale in October 2024, a 35.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 15 | 25 | +66.7% |
| 4 Bedrooms | 18 | 17 | -5.6% |
| 5+ Bedrooms | 4 | 9 | +125.0% |
Summary: The 07506 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes increased by 125%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 11 | 6 | -45.5% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07506, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in 07506 in October 2024, down by 45.5% month-over-month. Of the 6 sold homes, 0% were sold under asking, 17% were sold at asking, and 83% were sold over asking.
Days on Market for 07506, NJ
We’re sorry, we don't have information for this market at the moment
